The Faribault Woolen Mill Company has statewide significance as one of the largest and oldest fully integrated woolen mills in Minnesota. The mill started as a small family-owned business in the nineteenth century and grew to become the largest and longest-surviving woolen mill in the state.

Statue of Leonidas Merritt in front of the public library in the town of Mountain Iron, 1940. The inscription reads: "Leonidas Merritt, 1844–1926, Pioneer Prospector, Number One of the Seven Iron Men."